Pantera Capital CEO Thinks Crypto Investors Are Overreacting to Bitcoin News

Bitcoin loses most of its gains from July rally as SEC postpones ETF decision

Since the news of the SEC's delay in taking a decision broke, the cryptocurrency market's capitalization has dropped by nearly 11%.

The falling spread or difference between the total market capitalization of all cryptocurrencies except bitcoin and BTC's market capitalization is also signaling reduced demand for high-risk alternative cryptocurrencies.

The investment world is focused on what experts consider the best chance of an SEC-approved cryptocurrency ETF which he said was the SolidX bitcoin Shares ETF. Tom Lee even mentioned that the price drop experienced by Bitcoin recently is quite consistent with its history of corrections in the past.

Bitcoin began to plummet fast and hard, for the next couple of hours, bitcoin had broken the $6,900 support level and followed to bottom at $6,487.

But the idea of an ETF is not ruled out and, though its having one of its worse days in recent months, Bitcoin lives to see another day.

If this third proposal is ultimately approved, VanEck will market the new ETF while solid X will sponsor and create an underlying index, with the Bank of New York Mellon will serve as the custodian.

The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the US Securities and Exchange Commission (SEC) dented enthusiasts' hopes for an VanEck exchange-traded fund backed by Bitcoin. The market cap at the time of press had fallen to just above 231 billion, a new low since November 2017. It went ahead to state that the bitcoin futures market has been successful against the physical bitcoin market, with an overall volume of the CBOE and CME reaching $200 million.

Yesterday, Bitcoin was comfortably hovering around the $7,000.00 region, a region that seems to suggest investors were playing it cool, in anticipation for something big that could have accelerated the markets.

ETF's are seen as a way for institutional investors to get into cryptocurrency investing in a safer way than buying bitcoin on a crypto-asset exchange.

Should the SEC approve this ETF then it's expected that Bitcoin's value will take a sudden spike since a lot of people will be willing to invest their money in the fund. Although there has been much talk of late over the interoperability of this innovative coin with its adoption over several shopping platforms in Cyprus, amongst other countries, the price continues to tank.

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